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No description of principal activities is disclosed
2019-06-01
Sage Accounts Production 19.0 - FRS102_2014
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2019-06-01
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2019-06-01
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core:RetainedEarningsAccumulatedLosses
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core:OwnedOrFreeholdAssets
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2020-05-31
Company registration number:
03197901
J & GA Properties Limited
Unaudited financial statements
31 May 2020
J & GA PROPERTIES LIMITED
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
J & GA PROPERTIES LIMITED
DIRECTORS AND OTHER INFORMATION
|
|
|
|
Directors
|
Mr G W Adkin
|
|
|
Mrs J Adkin
|
|
|
|
|
|
|
|
Secretary
|
Mr G W Adkin
|
|
|
|
|
|
|
|
Company number
|
03197901
|
|
|
|
|
|
|
|
Registered office
|
The Manse
|
|
|
The Meadows
|
|
|
Beer
|
|
|
Devon
|
|
|
EX13 3ES
|
|
|
|
|
|
|
|
Business address
|
Willoughby House
|
|
|
Fore Street
|
|
|
Seaton
|
|
|
Devon
|
|
|
EX12 2AD
|
|
|
|
|
|
|
|
Accountants
|
Thomas Westcott
|
|
|
Timberly
|
|
|
South Street
|
|
|
Axminster
|
|
|
Devon
|
|
|
EX13 5AD
|
|
|
|
J & GA PROPERTIES LIMITED
DIRECTORS REPORT
YEAR ENDED 31 MAY 2020
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2020.
Directors
The directors who served the company during the year were as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
10 September 2020
and signed on behalf of the board by:
Mrs J Adkin
Director
J & GA PROPERTIES LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF J & GA PROPERTIES LIMITED
YEAR ENDED 31 MAY 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of
J & GA Properties Limited
for the year ended 31 May 2020 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of J & GA Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J & GA Properties Limited and state those matters that we have agreed to state to the board of directors of J & GA Properties Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & GA Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J & GA Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of J & GA Properties Limited. You consider that J & GA Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J & GA Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Westcott
Chartered Accountants
Timberly
South Street
Axminster
Devon
EX13 5AD
J & GA PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MAY 2020
|
|
|
|
|
|
2020
|
|
2019
|
|
|
Note
|
|
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
|
|
|
-
|
|
998
|
|
|
Administrative expenses
|
|
|
|
(
29,364)
|
|
(
4,016)
|
|
|
Other operating income
|
|
|
|
24,209
|
|
24,000
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
Operating (loss)/profit
|
|
|
|
(
5,155)
|
|
20,982
|
|
|
|
|
|
|
|
|
|
|
|
Income from other fixed asset investments
|
|
|
|
-
|
|
30,000
|
|
|
Other interest receivable and similar income
|
|
|
|
-
|
|
435
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
(Loss)/profit before taxation
|
|
|
|
(
5,155)
|
|
51,417
|
|
|
|
|
|
|
|
|
|
|
|
Tax on (loss)/profit
|
|
|
|
(
3,871)
|
|
(
4,069)
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
(Loss)/profit for the financial year
|
|
|
|
(
9,026)
|
|
47,348
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
Revaluation of tangible assets
|
|
|
|
(
11,092)
|
|
(
180,271)
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
Total comprehensive income for the year
|
|
|
|
(
20,118)
|
|
(
132,923)
|
|
|
|
|
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
J & GA PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2020
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
1,508,669
|
|
|
|
1,519,022
|
|
|
Investments
|
|
6
|
1,000
|
|
|
|
1,000
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
1,509,669
|
|
|
|
1,520,022
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
7
|
404,449
|
|
|
|
403,363
|
|
|
Cash at bank and in hand
|
|
|
75,506
|
|
|
|
86,825
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
479,955
|
|
|
|
490,188
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
5,101)
|
|
|
|
(
5,569)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
474,854
|
|
|
|
484,619
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
1,984,523
|
|
|
|
2,004,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
1,984,523
|
|
|
|
2,004,641
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Revaluation reserve
|
|
9
|
|
|
(
191,363)
|
|
|
|
(
180,271)
|
Profit and loss account
|
|
9
|
|
|
2,175,786
|
|
|
|
2,184,812
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
1,984,523
|
|
|
|
2,004,641
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
10 September 2020
, and are signed on behalf of the board by:
Mr G W Adkin
Director
Company registration number:
03197901
J & GA PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MAY 2020
|
|
|
|
|
At 1 June 2018
|
|
(Loss)/profit for the year
|
Other comprehensive income for the year:
|
Revaluation of tangible assets
|
|
Total comprehensive income for the year
|
|
Dividends paid and payable
|
|
Total investments by and distributions to owners
|
|
|
At 31 May 2019 and 1 June 2019
|
|
(Loss)/profit for the year
|
Other comprehensive income for the year:
|
Revaluation of tangible assets
|
|
Total comprehensive income for the year
|
|
|
At 31 May 2020
|
|
|
J & GA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Manse, The Meadows, Beer, Devon, EX13 3ES.
Principal activity
The principal activity of the company is the letting of property.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Land and buildings
|
-
|
Straight line over 50 years
|
|
|
Leasehold properties
|
-
|
Straight line over the life of the lease
|
|
|
Plant and machinery
|
-
|
15 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
25 %
|
straight line
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
IT and website
|
-
|
Straight line over 3 years
|
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2019: Nil).
5.
Tangible assets
|
|
Investment property
|
Fixtures, fittings and equipment
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost or valuation
|
|
|
|
|
|
|
|
|
At 1 June 2019
|
1,450,000
|
69,022
|
1,519,022
|
|
|
|
|
|
Additions
|
11,092
|
-
|
11,092
|
|
|
|
|
|
Revaluation
|
(
11,092)
|
-
|
(
11,092)
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 May 2020
|
1,450,000
|
69,022
|
1,519,022
|
|
|
|
|
|
At 1 June 2019 and 31 May 2020
|
1,450,000
|
69,022
|
1,519,022
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 June 2019
|
-
|
-
|
-
|
|
|
|
|
|
Charge for the year
|
-
|
10,353
|
10,353
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 May 2020
|
-
|
10,353
|
10,353
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 May 2020
|
1,450,000
|
58,669
|
1,508,669
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 May 2019
|
1,450,000
|
69,022
|
1,519,022
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Investment properties are held at fair value. The directors have undertaken the valuation.
6.
Investments
|
|
Shares in group undertakings and participating interests
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 June 2019 and 31 May 2020
|
1,000
|
1,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1 June 2019 and 31 May 2020
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 May 2020
|
1,000
|
1,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 May 2019
|
1,000
|
1,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
400,000
|
400,000
|
|
Other debtors
|
|
4,449
|
3,363
|
|
|
|
_______
|
_______
|
|
|
|
404,449
|
403,363
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
5,101
|
1,500
|
|
Social security and other taxes
|
|
(-)
|
4,069
|
|
|
|
_______
|
_______
|
|
|
|
5,101
|
5,569
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 June 2019
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 May 2020
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Director
|
3,363
|
-
|
-
|
3,363
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 June 2018
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 May 2019
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Director
|
31,908
|
31,455
|
(
60,000)
|
3,363
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Interest on the above overdrawn loan account has been charged at the official rate.
11.
Related party transactions
The company continued to loan £400,000 to Focal Research (SW) Ltd a company in which
J & GA Properties Limited
has a controlling interest.
J & GA PROPERTIES LIMITED
The following pages do not form part of the statutory accounts.